Ubiquitous computing is changing people’s daily lives by providing the necessary flexibility to interact with anyone anytime, anywhere. Business based on ubiquitous computing (U-business) has emerged as a new paradigm and has become reality. U-business has been defined as the practical application of ubiquitous computing technologies to the business arena. The study introduces the notion of U-business as a new business paradigm and examines the current status of the U-business industry from a different prospective. In this study we analyze various organizational, technological, and strategic factors influencing U-business firms. The results suggest the most important outcomes of U-business adoption and the most important strategy for a firm to gain a competitive advantage through U-business. This study also investigates the current status of U-business in South Korea, including adoption methods, the level of investment, and technology adopted.